Colossus is a High Definition video recorder for making real-time H.264 compressed recordings at resolutions up to 1080i. HD PVR records component video (YCrCb) from video game consoles and cable TV and satellite set top boxes, with a built-in IR blaster to automatically change TV channels for scheduled recordings.
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Colossus also has an HDMI input port, so you can record HD video at up to 1080i from a un-encrypted HDMI source.
Note: most cable and satellite TV set top boxes encrypt HDMI output, so you cannot record from these sources. Unencrypted HDMI comes from the Xbox 360 plus most video cameras.

Audio is recorded using two channel stereo or optical audio with five channel Dolby AC3. The optical audio for AC3 is a passthrough: whatever format AC3 comes in gets recorded (and also output through the optical output connector).